Pound boosted to 5-week high against dollar by optimistic UK GDP data; GBPINR eye 119 mark

The British pound climbed to a five week high against dollar on Thursday following data that showed UK economy expanded at a quarterly rate of 0.3% in the three months to June 2025, following a 0.7% growth in the first quarter (Q1) but beating the market forecast of 0.1% in the reported period. GBPUSD climbed to $1.3594, up 0.15% on the day and extending steady gains this week that was backed by consistent weakness in greenback overseas. The dollar index is seen extending decline near a two and half week low on Thursday morning in Asia amid increasing prospects of a Federal rate cut amid soft US inflation data. Meanwhile, other data from the docket showed, UK construction output rose 1.5% year-on-year in June but trade gap widened the most since February. Further cues will be taken from the US Producer Price Index (PPI) and the weekly Initial Jobless reports, which will be released later in the global day. On the NSE, GBPINR futures were trading at 118.93 and eyeing 119 mark.

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